An Act relative to the condominium owners’ rights

SD 41 requires condominium associations to provide unit owners with access to financial and operational records (such as budgets, reports, and legal documents) within 5 to 10 business days, with electronic delivery preferred and free of charge. Failure to comply results in a $100 daily fine, payable by the managing agent or common funds. The bill also mandates a minimum 10% annual contribution to a replacement reserve fund and requires preventive maintenance plans for all associations, with larger associations (50+ units) needing periodic reserve studies. Additionally, it establishes an Office of the Condominium Ombudsman within the Attorney General’s office to handle complaints and provide mediation, while requiring internal dispute resolution procedures for unit owner grievances.